Well, not quite Happy Birthday Money…but Happy Birthday to the Royal Australian Mint…in fact, Happy 50th Birthday!
I discovered through the Australian Bureau of Statistics (ABS) that yesterday was the 50th birthday of the Royal Australian Mint, so I thought I’d share a few facts and figures with you – since I’m sure you all, like me, have some type of dealing with money every day!
While the ABS advise that the Australian economy is over 1.5 trillion dollars in size (try picturing that many $1 coins!!)…let’s talk about the coins you and I are more familiar with!
The decimal currency we use today was introduced on 14th February, 1966 (we’ll be celebrating 50 years next year!) – the Royal Australian Mint was opened the year before in preparation of the adoption of our own decimal currency and began production of the coins at that time.
Since then, there have been a number of changes to the coins we use, namely:
- The current 12 sided 50 cent coin replaced its previous round version in 1969
- The $1 coin was introduced in 1984
- The $2 coin was introduced in 1988; and
- 1 cent and 2 cent coins were removed from circulation in 1990
I remember visiting the Royal Australian Mint as a child, and I know there are many valuable lessons to be learnt – about history and money – so if you are in the area, I recommend you pay a visit!
PS I’ve been visualising a few of you nodding your head as you recognise these dates…dare I ask, does anyone remember the introduction of decimal currency in 1966??
Regards
Indeed, Bron. I have clear memories of not only its introduction, but also that of the metric system some time later. We were very excited about the new coins, and loved the Australian animal designs that they sported. The notes were also very different to the previous ones. Very modern! Adults found the change much more daunting than we did as children (I was 11 years old) and shopping seemed much more complicated for a time while people adjusted. I suspect people generally were more compliant back then. Imagine the fuss if a government tried to impose such a change in today’s world – people would most likely be incensed!
Thanks Ros, I thought you might have remembered this change! It’s funny how we live in such a fast paced and ever changing world, yet I also agree that there would likely be a bit of “rage” if a significant change in currency was attempted today! Thanks for your continued support of The Tax Chic!